Loyalty platform Squid has launched a universal local rewards system that allows consumers to earn points with one brand and redeem them back into their locality.
The system, called Wave Points, is aimed at helping consumers “claw back some value” as inflation and everyday costs continue to rise, with households increasingly focused on what their spending delivers. Consumer prices remain 3.6 per cent higher than a year ago.
Squid has raised €10 million to date and generated revenue of about €630,000 last year, it said. Its gross revenue is expected to exceed its cost basis by year-end.
Signed-up companies include Tesco, SuperValu, JustEat, Zurich Insurance, Hello Fresh, Uber Eats, Moonpig, Moby, Tula, Yoga Dublin and Chimac.
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For consumers, Wave Points earned can be used to increase their spending power locally. For businesses, it offers a stronger way to drive repeat visits and keep more value circulating through local communities. More than 50,000 people signed up to the system pre-launch.
Squid has grown into one of Ireland’s largest local loyalty platforms, with nearly 1 million registered members and 3 million free coffees redeemed. The business is backed by more than 2,600 everyday investors through Crowdcube.
“Customer loyalty hasn’t kept pace with how people live or spend,” said Matthew Coffey, co-founder and chief executive of Squid.
“Consumers are facing sustained cost pressures, but most reward schemes still lock value into single brands. Wave points changes that, giving people points they can earn through everyday spending and redeem with the local businesses they actually use.
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“Wave Points turn fragmented loyalty into something people can actually use. It helps consumers stretch their spending further, while sending more value back into local businesses.”
Coffey said consumers earn Wave Points as they spend – by buying a voucher in-app for partner brands, linking their card to earn automatically at partner stores, or through partner offers from brands like Zurich. Points can then be spent across Squid’s local and national network.
In practice, for example, that could mean earning points on a weekly supermarket shop, then spending those earned points at the local coffee shop or for a free lunch.
